(Bloomberg) -- Zongteng Group, a Chinese logistics service provider backed by GLP Pte, is weighing an initial public offering as early as next year, people with knowledge of the matter said.
The Shenzhen-headquartered company has held discussions with banks about a potential IPO on the mainland or Hong Kong that could raise at least $500 million, the people said, asking not to be identified as the information is private. Zongteng Group could pursue a private funding round before an IPO, one of the people said.
Deliberations are at an early stage and no final decisions have been made, the people said. Details of both the potential private round and the IPO, such as fundraising size, venue and timing, may change, they added. A representative for Zongteng Group did not immediately respond to requests for comment.
Founded in Fuzhou, China in 2009, the company operates about 30 warehouses and transfer hubs globally, serving more than 15,000 e-commerce merchants worldwide, according to its website. It currently has more than 3,500 employees in more than 40 branches, the website shows.
The Chinese firm, whose WeChat account shows it’s raised almost $400 million from private funding rounds, also counts Cathay Capital and Taikang Life Insurance Co. among its backers. Cathay Capital invested in the company in 2018, its website shows.
©2021 Bloomberg L.P.